A significant transaction recently unfolded at UE Square, where a three-bedroom unit was sold for $3.46 million. This sale, completed on May 29, 2023, marked a notable moment in the real estate market, translating to an impressive $2,217 per square foot. The unit, which covers an area of 1,561 square feet and is situated on the 12th floor, has a rich history in the property market. Originally acquired for $1.33 million in July 1999, the recent sale underscores the unit’s substantial appreciation over the years.
The seller realized a remarkable profit of $2.13 million from this transaction, which equates to a staggering 160.2% return on investment. Such a return is particularly noteworthy in the context of the current real estate climate, where fluctuations can often impact property values. This transaction stands out not only for its financial gain but also for its timing within a broader market that has seen varying levels of demand and price shifts.
Taking a long-term perspective, the annualized gain for the property over nearly 26 years was calculated at approximately 3.8%. This figure reflects the steady appreciation of real estate in the UE Square area, revealing a consistent upward trend that has benefitted property owners.
The stability in property values suggests an enduring interest in the location, which likely contributes to the resilience of prices despite the economic fluctuations seen in the wider market.
This sale is recorded as the third most profitable resale at UE Square, a notable achievement given the competitive nature of the local real estate landscape. The current average resale price in the area stands at $2,084 per square foot, highlighting how this recent transaction outstripped the average significantly.
Such a premium indicates a strong demand for properties in this vicinity, driven by factors that include location desirability, amenities, and overall market conditions.
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News Source: Edgeprop
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